13. Steve's bank pays an annual intrest rate of 2.8 percent on savings accounts. The intrest is compounded monthly. If Steve deposits $1,000 in a savings account, how much intrest will he earn in three months?
month 1 $1000*.028= $28.00
month 2 $1028*.028= $28.78
month 3 $1056.784*.028= $29.59
total intrest= $86.37
No comments:
Post a Comment